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Infrastructure Airport Transactions – March 2015

by Rebecca Gibney

  • 17 Mar 2015
  • INF

The deals module on Preqin’s Infrastructure Online service contains detailed information on 345 airport-related deals, which include the construction and sale of airports as well as aircraft. While such deals represent only 3% of the 10,981 completed infrastructure deals featured on Infrastructure Online, it is an area of the market that consistently attracts interest from a range of investors due to the continued demand for the services provided by these assets within the wider market. Investors include infrastructure fund managers, government agencies, banks, direct institutional investors and other trade investors. Airport-related deals constitute an estimated aggregate deal value in excess of $101bn, representing approximately 4.7% of all transactions completed historically.

Airport deals peaked in 2013, with a total of 38 deals generating an estimated aggregate deal value of $24bn, as shown in the chart below. This represents a marked increase on 2012, when 18 deals were completed representing $8.8bn in estimated aggregate capital. Fifteen deals were completed in 2014, representing estimated aggregate deal value of $4.7bn; however, this figure is expected to rise as more deals come to light in the coming months.

In terms of location, the UK has accounted for the largest number of airport-related deals completed since 2011, with 27 transactions completed. Regionally, Europe has accounted for the majority (53%) of completed airport deals since 2011, with Asia and Australasia accounting for a further 15% and 14% respectively, and North America just 9%.

Several notable deals have taken place within the airport industry since 2011. In February 2013, France-based VINCI Concessions, through its subsidiary VINCI Airports, was selected to acquire a 95% stake in ANA-Aeroportos de Portugal from the Portuguese government in a deal worth €3.1bn. The Portuguese state retained the remaining 5% interest at the completion of the acquisition in September 2013. Another notable deal occurred in January 2013 when Manchester Airports Group (MAG) acquired London Stansted Airport from BAA for £1.5bn. As part of the transaction, Industry Funds Management (IFM) became a 35.5% shareholder in Manchester Airports Group (MAG).

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